According to Sandhills Global, inventory levels for used tractors (100+ horsepower), used self-propelled sprayers and used planters are trending upward month-over-month, while used combines and used compact and utility tractors posted month over month decreases.

U.S. Used Tractors 100 Horsepower and Greater

• Inventory levels in this market rose 2.9% month over month in August, marking several consecutive months of growth. Inventory was 37.09% higher than year-ago levels. Driving these increases are used high-horsepower tractors (those 300 HP and greater), with inventory levels up 4.17% M/M and 62.48% year over year.
• Values have been dropping for months, and this trend continued in August, as asking values dipped 1.28% lower M/M and 2.62% lower Y/Y.
• Auction values decreased by 1.79% M/M and 13.14% Y/Y. Declining auction values continue to outpace declining asking prices within the farm equipment industry. For example, the EVI spread for used high-horsepower tractors rose to 48% in August.

U.S. Used Combines

• August inventory levels of used combines in Sandhills’ U.S. markets decreased by 2.58% M/M, increased 10.44% Y/Y, and are currently stable.
• Asking values inched 0.56% lower M/M, rose 3.83% Y/Y, and are trending downward.
• Auction values fell 2.03% M/M and 4.83% Y/Y following months of decreases. With auction values decreasing at a faster rate than asking values, the EVI spread for used combines reached 57% in August, far exceeding previous highs observed in 2015.

U.S. Used Self-Propelled Sprayers

• Inventory levels in this market were up 4.39% M/M and 38.39% Y/Y and are trending upward.
• Asking values ticked up by 0.6% M/M in August but decreased by 0.67% Y/Y and are trending down.
• Declines in auction values were more pronounced, with drops of 2.85% M/M and 12.82% Y/Y after months of decreases. The EVI spread for self-propelled sprayers reached 52% in August, exceeding the 50% record high set in 2015.

U.S. Used Planters

• In the U.S. planting equipment market, used planter inventory levels were up 4.06% M/M and 8.19% Y/Y in August and are currently stable.
• Asking values increased by 4.94% M/M, decreased by 6.84% Y/Y, and are trending sideways.
• Auction values exhibited a similar pattern in August, increasing 5.96% M/M, decreasing 21.99% Y/Y, and trending sideways. The EVI spread for used planters, which is the result of auction values falling faster than asking values, was 68% in August; that marks a decrease from its 78% peak in May, but it remains close to historically high levels last seen in 2015.

U.S. Used Compact and Utility Tractors

• Inventory levels in this market have been falling for several months. In August, inventory was down 1.03% M/M and 11.5% Y/Y.
• Asking values increased 0.36% M/M, decreased 4.47% Y/Y, and are trending down.
• Auction values increased 0.65% M/M, decreased 6.89% Y/Y, and are also trending down.

Sandhills Global also released its August 2024 Construction Market Report for Canada. The full report is available online: https://sandhills.showpad.com/share/8hrxq0NlWXtoffXYJGPXV.